Jamjoom Pharma 2022 net profit slightly up to SAR 171.3 mln
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Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) posted a net profit of SAR 171.3 million in 2022, a slight increase from SAR 170.7 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 735.68 | 916.67 | 24.6 % |
| Gross Income | 474.69 | 593.92 | 25.1 % |
| Operating Income | 184.77 | 233.33 | 26.3 % |
| Net Income | 170.70 | 171.31 | 0.4 % |
| Average Shares | 70.00 | 70.00 | - |
| EPS (Riyals) | 2.44 | 2.45 | 0.4 % |
The modest positive performance was driven by a 25% year-on-year (YoY) hike in revenues on higher revenues from the pharmaceutical and consumer health products segments by 20% and 65% YoY, respectively. This was offset by a stable gross profit margin of 65% due to the rise in the cost of sales.
Operating income climbed 26% YoY. Meanwhile, the operating profit margin stood at 25% due to higher operating expenses and recording an impairment provision of SAR 9.14 million against an interest-free loan to Jamjoom Hub Pharma Ltd., which is an investment offered for sale.
The company reported a 14% YoY decline in Zakat provision.
This came despite an increase in financing costs to SAR 48.8 million in 2022, compared to SAR 4.2 million a year earlier. This is in addition to a decrease in the net profit margin from 23% in 2021 to 19% in the year after.
On a yearly basis, the company also posted lower other income.
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|
Shareholders’ equity, no minority interest, increased to SAR 1.21 billion as of Dec. 31, 2022, compared to SAR 1.23 billion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2022 | 243.78 | 100.1 % | 164.32 | 112.4 % | 77.42 | 425.2 % |
| Q2 2022 | 238.30 | 23.4 % | 153.06 | 22.7 % | 57.61 | 15.9 % |
| Q3 2022 | 237.76 | - | 151.13 | - | 60.03 | - |
| Q4 2022 | 196.84 | - | 125.41 | - | 38.26 | - |
| 2022 | 916.67 | 24.6 % | 593.92 | 25.1 % | 233.33 | 26.3 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 43.53 | 296.3 % | 0.62 | (28.75) | 72.28 | 1.03 |
| Q2 2022 | 50.42 | 22.4 % | 0.72 | (4.27) | 54.69 | 0.78 |
| Q3 2022 | 45.60 | - | 0.65 | (7.96) | 53.56 | 0.77 |
| Q4 2022 | 31.76 | - | 0.45 | (6.98) | 38.73 | 0.55 |
| 2022 | 171.31 | 0.4 % | 2.45 | (47.95) | 219.26 | 3.13 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | - | - | - |
| Q3 2022 | - | - | - |
| Q4 2022 | 64.79 % | 28.15 % | 23.92 % |
| 2022 | 64.79 % | 28.15 % | 23.92 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 70.00 | - | - | 17.67 |
| Q2 2022 | 70.00 | - | - | 18.03 |
| Q3 2022 | 70.00 | - | - | 18.34 |
| Q4 2022 | 70.00 | 2.45 | 3.13 | 17.38 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | - | - | - |
| Q3 2022 | - | - | - |
| Q4 2022 | - | - | - |
Business Segments (Million)
Q4 2022
| Period | Pharmaceutical products | Consumer Health Products |
|---|---|---|
| Q1 2022 | 203.09 | 40.70 |
| Q2 2022 | 207.60 | 30.70 |
| Q3 2022 | 206.65 | 31.11 |
| Q4 2022 | 180.05 | 16.79 |
| Current | |
| Market Cap (M Riyal) | 10,962.00 |
| Enterprise Value (EV) (M) | 10,840.18 |
| Shares Outstanding ((M)) | 70.00 |
| EPS ( Riyal) (TTM) | 4.99 |
| Book Value (BV) ( Riyal) | 20.64 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 31.37 |
| P/E (TTM) | 31.37 |
| Price/book | 7.59 |
| Return on Average Assets (%) (TTM) | 19.9 |
| Return on Average Equity (%) (TTM) | 24.9 |
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